Bid for Ceská rafinérská stake hits stumbling block

Gazprom’s bid to buy a stake in Ceská rafinérská, the operator of the Czech Republic’s two major oil refineries, has stalled after shareholders Unipetrol abstained from a meeting.

The meeting was scheduled to discuss the prospective sale of Italian oil and gas company Eni’s 32% stake in the company to gas major Gazprom, Russia’s fifth largest oil producer. The meeting was halted because Ceská rafinérská’s other shareholders Unipetrol (51%) and a unit of Royal Dutch Shell (16%) have first right of refusal. Unipetrol, which is controlled by Poland’s PKN Orlen, says that it has not received enough information about the planned sale to Gazprom and therefore exercised its right not to participate in the shareholders’ meeting.

If Eni and Gazprom strike a provisional deal as expected, Unipetrol and Royal Dutch Shell will have 30 days in which to at least equal the offer and acquire Eni’s stake.

Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/23032011/bid_for_cesk%C3%A1_rafin%C3%A9rsk%C3%A1_stake_hits_stumbling_block/